Roydon Bottle Recycling Limited - Accounts to registrar (filleted) - small 22.3

REGISTERED NUMBER: 08635446 (England and Wales)

UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 OCTOBER 2022

FOR

ROYDON BOTTLE RECYCLING LIMITED

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

4

DIRECTORS:

W Sumner

Mrs S P Sumner

G R Wallwork

SECRETARY:

Mrs S P Sumner

REGISTERED OFFICE:

Units 1-3 Junction Eco Park

Rake Lane

Swinton

M27 8LU

REGISTERED NUMBER:

08635446 (England and Wales)

ACCOUNTANTS:

Sedulo Accountants Limited

Chartered Certified Accountants

62-66 Deansgate

Manchester

M3 2EN

FIXED ASSETS

Tangible assets

4

1,565,651

1,691,184

CURRENT ASSETS

Stocks

435,799

194,285

Debtors

5

3,336,027

2,844,793

Cash at bank

254,241

89,655

4,026,067

3,128,733

CREDITORS

Amounts falling due within one year

6

4,381,903

3,384,073

NET CURRENT LIABILITIES

(355,836

)

(255,340

)

TOTAL ASSETS LESS CURRENT LIABILITIES

1,209,815

1,435,844

CREDITORS

Amounts falling due after more than one year

7

(83,879

)

(178,814

)

PROVISIONS FOR LIABILITIES

(182,290

)

(312,203

)

NET ASSETS

943,646

944,827

CAPITAL AND RESERVES

Called up share capital

900

900

Retained earnings

942,746

943,927

SHAREHOLDERS' FUNDS

943,646

944,827

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 October 2022.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 October 2022 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for:

(a)	ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and

(b)

preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 15 March 2023 and were signed on its behalf by:

G R Wallwork - Director

1.	STATUTORY INFORMATION

Roydon Bottle Recycling Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

2.	ACCOUNTING POLICIES

Basis of preparing the financial statements

These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.

Going concern

In common with virtually every other business in the country, the Company has been experiencing the effects of the Coronavirus pandemic. Whilst the full impact of this exceptional situation on the Company cannot be assessed with complete certainty at the current time, the Directors believe they have taken all possible steps to protect the Company including accessing relevant Government assistance.

At the time of signing these accounts the Directors are of the opinion that the Company will remain viable for the foreseeable future and therefore these Financial Statements have been prepared on the Going Concern basis.

Turnover

Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life or, if held under a finance lease, over the lease term, whichever is the shorter.

Plant and machinery

-

20% on cost

Fixtures and fittings

-

33% on cost

Stocks

Stocks are valued at the lower of cost and net realisable value. Cost is based on the cost of a purchase on a first in, first out basis together with attributable overheads based on a normal level of activity, after making due allowance for production losses.

Net realisable value is based on estimated selling prices less further costs to completion and disposal.

Financial instruments

The company has elected to apply the provisions of Section 11 'Basic Financial Instruments' and Section 12 'Other Financial Instruments Issues' of FRS102 to all of its financial statements.

Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.

Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

Basic financial assets

Basic financial assets, which includes debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at present value of the future receipts discounted at a market rate of interest. Financial asserts classified as receivable within one year are not amortised.

Classification of financial liabilities

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.

Basic financial liabilities

Basic financial liabilities, including creditors, bank loans, loans from fellow group companies and preference shares that are classified as debt, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

Trade creditors are obligations to pay for goods and services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less, if not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest rate method.

Taxation

Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

Deferred tax

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

Hire purchase and leasing commitments

Assets obtained under hire purchase contracts are capitalised as tangible fixed assets and depreciated over the shorter of the term of the lease and the estimated useful life of the asset with the corresponding obligation included in creditors net of the future finance charges. The sum of the digits method is used to calculate the finance element of the rental payment.

Rentals paid under operating leases are charged to the profit and loss account on a straight line basis over the period of the lease.

Pension costs and other post-retirement benefits

The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

Foreign currency translation

Monetary assets and liabilities denominated in foreign currencies are translated into sterling at the exchange rates ruling at the balance sheet date.Transactions in foreign currencies are recorded at the rate ruling at the date of the transaction. All differences are taken to the profit and loss account.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 52 (2021 - 51 ) .

4.	TANGIBLE FIXED ASSETS

Fixtures

Short

Plant and

and

leasehold

machinery

fittings

Totals

£

£

£

£

COST

At 1 November 2021

132,304

3,007,640

14,424

3,154,368

Additions

83,025

174,556

4,945

262,526

At 31 October 2022

215,329

3,182,196

19,369

3,416,894

DEPRECIATION

At 1 November 2021

44,995

1,404,388

13,801

1,463,184

Charge for year

53,118

331,391

3,550

388,059

At 31 October 2022

98,113

1,735,779

17,351

1,851,243

NET BOOK VALUE

At 31 October 2022

117,216

1,446,417

2,018

1,565,651

At 31 October 2021

87,309

1,603,252

623

1,691,184

Fixed assets, included in the above, which are held under hire purchase contracts are as follows:

Plant and

machinery

£

COST

At 1 November 2021

1,614,380

Transfer to ownership

(756,892

)

At 31 October 2022

857,488

DEPRECIATION

At 1 November 2021

584,229

Charge for year

114,324

Transfer to ownership

(379,913

)

At 31 October 2022

318,640

NET BOOK VALUE

At 31 October 2022

538,848

At 31 October 2021

1,030,151

5.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2022

2021

£

£

Trade debtors

1,825,253

1,350,933

Amounts owed by group undertakings

1,032,352

1,102,051

Other debtors

478,422

391,809

3,336,027

2,844,793

6.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2022

2021

£

£

Hire purchase contracts

106,669

206,523

Trade creditors

756,344

396,579

Amounts owed to group undertakings

1,806,999

1,523,035

Taxation and social security

58,031

30,021

Other creditors

1,653,860

1,227,915

4,381,903

3,384,073

7.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

2022

2021

£

£

Hire purchase contracts

83,879

178,814

8.	SECURED DEBTS

Assets held under hire purchase agreements are effectively secured against the assets against which they relate.

The amounts advanced under the invoice discounting agreement of £1,453,148 (2021: £1,054,297) are secured by a guarantee and fixed and floating charge executed by Roydon Bottle Recycling Limited, Roydon Granulation Limited, Roydon Polythene Limited and Roydon Resource Recovery Limited.